Government-backed mortgage programs such as FHA, VA, HERO and PACE offer some great home loan options! In today’s mortgage market they all play a vital role addressing specific borrowers as well as communities. How it Started The Federal Housing Administration (FHA) was created in 1934 as a way to help jump-start the economy by providing […]
Cross collateralization is the act of a lender securing more than one property in order to place a new loan. So what exactly does that mean? Cross Collateralization in Practice When mortgage lenders make loans they evaluate both the borrower as well as the property being financed. The borrower should have shown the willingness and […]
Do you want a really, really good deal on your next home purchase? The FHA Good Neighbor Next Door program could save you up to 50% off the sale price of your new home! If you find a house you’re interested in and it’s listed at $250,000 and your real estate agent negotiates the price […]
The Department of Housing and Urban Development’s FHA loan programs are one of three government-backed residential loan programs, and the FHA 203(k) loan is one of their specialty programs. For first time home buyers, the FHA loan is a popular choice due to the low down payment and easier qualifying. But the FHA 203(k) is […]
You’ve probably heard the term “bridge loan” in the past and maybe you’re one of those who have taken advantage of one. But if you’re not familiar with a bridge loan, what they are and what they’re used for, it’s really a very handy financial tool buyers use to help finance a property they have […]
Foreign nationals who seek to finance a property here in the United States might find there aren’t as many options compared to a U.S. citizen. Traditional financing won’t work yet there are loans designed specifically for someone considered a foreign national. Who is Considered a Foreign National A foreign national is simply someone who lives […]
If you live in California and are eligible for a VA home loan you’re also eligible for a CalVet loan. Both programs are very similar in nature but there are times when the CalVet loan is a better choice than a VA mortgage and other times not so much. The advantage in today’s marketplace is […]
When you’ve decided you want to build your very own home instead of buying an existing one, you have more choices than you might imagine. It can be an exciting process to work with your architect or pick out plans you choose from a multitude of options from wood flooring to tile to appliances to […]
We’re now well into the first quarter of 2017, and Mortgage Insurance Premiums (MIP) are changing for FHA Loans. We’ve seen a change of administrations as the new replaces the old and sometimes the replacement doesn’t seem all that enthusiastic about fading into the sunset. If you’ve applied for an FHA loan recently you’re probably […]
We do admit there are some confusing terms in the mortgage industry. It’s not on purpose and mortgage lending isn’t alone as it relates to industry jargon. Two of the sometimes confusing terms are “pre-qualification” and “pre-approval.” There is a distinct difference and could determine whether or not the sellers accept your offer or someone […]
